Neogen Corporation (NEOG) Downgraded to Buy at BidaskClub
BidaskClub cut shares of Neogen Corporation (NASDAQ:NEOG) from a strong-buy rating to a buy rating in a report released on Friday.
Other equities research analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Neogen Corporation from a hold rating to a buy rating and set a $72.00 price target on the stock in a report on Thursday, July 20th. CL King initiated coverage on Neogen Corporation in a report on Friday, July 14th. They set a neutral rating on the stock.
Shares of Neogen Corporation (NASDAQ NEOG) traded up 0.05% during mid-day trading on Friday, reaching $65.90. The company’s stock had a trading volume of 15,287 shares. The company’s 50 day moving average price is $67.44 and its 200-day moving average price is $64.81. Neogen Corporation has a 1-year low of $50.53 and a 1-year high of $69.97. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of 57.81 and a beta of 1.52.
Neogen Corporation (NASDAQ:NEOG) last released its earnings results on Tuesday, July 18th. The company reported $0.32 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.32. Neogen Corporation had a return on equity of 9.87% and a net margin of 12.11%. The company had revenue of $98.80 million for the quarter, compared to analysts’ expectations of $100.80 million. During the same quarter in the previous year, the firm posted $0.26 EPS. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. Analysts predict that Neogen Corporation will post $1.30 earnings per share for the current fiscal year.
In related news, CEO James L. Herbert sold 48,469 shares of the stock in a transaction on Friday, May 12th. The stock was sold at an average price of $61.29, for a total value of $2,970,665.01. Following the completion of the sale, the chief executive officer now directly owns 912,105 shares in the company, valued at approximately $55,902,915.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director James P. Tobin purchased 500 shares of the stock in a transaction that occurred on Thursday, July 27th. The stock was bought at an average price of $64.64 per share, with a total value of $32,320.00. Following the completion of the acquisition, the director now owns 3,200 shares in the company, valued at approximately $206,848. The disclosure for this purchase can be found here. Insiders sold a total of 71,576 shares of company stock worth $4,455,280 over the last ninety days. Corporate insiders own 4.70% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. raised its position in Neogen Corporation by 53.0% in the first quarter. Victory Capital Management Inc. now owns 2,543 shares of the company’s stock valued at $167,000 after buying an additional 881 shares during the period. Raymond James Trust N.A. purchased a new position in Neogen Corporation during the first quarter valued at $226,000. Creative Planning boosted its position in Neogen Corporation by 1.3% in the second quarter. Creative Planning now owns 3,478 shares of the company’s stock valued at $240,000 after buying an additional 46 shares during the last quarter. State of Alaska Department of Revenue boosted its position in Neogen Corporation by 3.4% in the first quarter. State of Alaska Department of Revenue now owns 4,210 shares of the company’s stock valued at $275,000 after buying an additional 140 shares during the last quarter. Finally, Citadel Advisors LLC purchased a new position in Neogen Corporation during the first quarter valued at $329,000. Institutional investors own 85.34% of the company’s stock.
Neogen Corporation Company Profile
Neogen Corporation develops, manufactures and markets a range of products and services dedicated to food and animal safety. The Company operates through two segments: Food Safety and Animal Safety. The Food Safety segment produces and markets diagnostic test kits and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation.
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